Thu, Jun 20, 3:17 PM (79 days ago)
Clean Energy Technologies, Inc. (CETY) filed a Form 10-K/A Amendment No. 1 to its Annual Report for the fiscal year ended December 31, 2022. The amendment addresses SEC comments and includes disclosures about legal and operational risks in China, updates on forward-looking statements, and amends Item 1 and Item 1A. Financial Highlights: - Revenue: $2.66 million, up from $1.30 million in 2021, driven by new CETY HK operations. - Net Income: $147K, down from $298K in 2021, due to higher interest expenses and changes in derivative liability. - Operating Expenses: $2.16 million, slightly down from $2.18 million in 2021. - Earnings Per Share: Basic and diluted EPS of $0.00. Strategic Overview: - Focus on expanding Waste Heat Recovery and Waste to Energy solutions. - New joint venture with Shenzhen Gas in China for natural gas operations. Future Outlook: - Aims to leverage Inflation Reduction Act tax credits. - Plans to raise additional funds to expand capacity. Risk Factors: - Legal and operational risks due to Chinese regulations. - Dependence on natural gas prices and potential impact of fluctuating LNG prices. Financial Condition: - Working capital deficit of $2.25 million. - Total stockholder’s equity of $1.88 million. Market Position: - New ventures in China and strategic partnerships expected to drive growth.